Post Office Term Deposit Scheme: The money invested in this scheme is always safe. Also, it gives 6.7 percent annual interest for 5 years.
Post Office Term Deposit Scheme: If you are planning to do investment planning somewhere, then post office term deposit scheme is best for you. There is no risk in investing money in this government scheme. It’s absolutely safe. Apart from the bank, you also get the benefit of term deposit from the post office. The only difference is that your investments in the post office are always safe and there is a guarantee of getting a refund. Let us know about the term deposit scheme of the post office, in which you get better returns.
You can open a term deposit from 1 to 5 years in the post office. This is a Small Savings Scheme. The bank has not made any change in its interest rates from January to March 2022 quarter. This means that the interest which was available in the October-December 2021 quarter, will continue to be available now.
Get Rs 139407 on 1 lakh investment
In post office term deposits, 6.7 percent is available annually for 5 years. This means that if a person opens an account by depositing Rs 1 lakh in a term deposit with a maturity period of 5 years, then after 5 years, he will get Rs 139407 in return according to the interest rate of TD. At the same time, the interest rate on one year, 2 year and 3 year term deposits is 5.5% per annum.
Who can open account
In this scheme of post office, any Indian can get single or joint account opened. At the same time, those whose age is more than 10 years or they are mentally weak, they can also open an account in it. To open an account, you can put any amount in it starting from 1000 rupees. Apart from this, investment in post office TD of 5 years gets tax exemption under section 80C of the Income Tax Act.
Rules of Premature Closing
You can close this scheme after completion of 6 months. On the other hand, if you close the TD after 6 months to the completion of 12 months of the account, then the interest rate of the Post Office Savings Scheme will be applicable and not the term deposit.
What are the facilities available at Post Office TD
- On this you will get nomination service
- Facility to transfer account from post office to another
- Post office one, TD account many
- Facility to convert single account to joint or joint account to single
- Account extension facility
- Online account opening facility through intra-operable netbanking/mobile banking
